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A large portion of our adulthood is spent retired. We all have a long list of hobbies we want to do during this time. However, for women, there is an extra challenge. Let’s take a look at how to plan for this chapter and why it’s important.

Why must women plan their retirement differently?

• Longer life expectancy
  Statistics show that life expectancy has increased over the decades, with women generally outliving men. Canadian women live on average 4 years longer than their male counterparts.To cover these four extra years, women need to save more money.
• Lower average salary
  Even though the gender pay gap has narrowed over the years in Canada, in 2021, women still earned 11.1% less per hour then men.
• Career interrupted
  Although an increasing number of fathers go on parental leave, women are more often than not the ones who interrupt their careers for their family. These leaves, which shrink their financial cushion, mean that mothers have less time to save for retirement.

How to plan for retirement?

You know what you want to do, so you’re in the best position to plan your retirement. With a clear vision, you can develop a strategy to reach your goals. Trust yourself and don’t let your emotions guide your decisions.

Consider working with a financial security advisor. These professionals have knowledge that goes beyond the world of investments. They’ll analyze your needs and suggest savings strategies to help you reach your goals, even on a tight budget.

Retirement isn’t an end, it’s a beginning. And you deserve to begin each new chapter in your life with confidence!

Talk to your advisor or a Beneva advisor

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